Investment Rating - The industry investment rating is "Overweight" and has been maintained from the previous rating [9]. Core Insights - Liquid cooling technology is expected to become the mainstream cooling solution for AIDC due to the increasing demand for AI computing power and the rising power density of server cabinets, which traditional air cooling cannot meet [6][24]. - The global data center liquid cooling component market is projected to reach $15.7 billion by 2027, with a CAGR of 35% from 2025 to 2027 [7][37]. - Automotive parts suppliers are expected to become upstream component suppliers for liquid cooling systems, with several companies having Tier 1 supply capabilities [8]. Summary by Sections AIDC Liquid Cooling Industry Chain and Core Components - The current mainstream solution is cold plate liquid cooling, while immersion liquid cooling offers better efficiency but is limited by high coolant costs [7][29]. - Key components for upgrading include CDU, liquid cooling plates, manifolds, and UQDs, which have a higher value proportion [7][8]. Investment Opportunities for Automotive Parts Suppliers - Automotive parts companies can leverage existing customer bases and strong business capabilities to collaborate with Taiwanese and local manufacturers in the liquid cooling supply chain [8]. - Recommended companies include Yinlun, Minth Group, Feilong, Meilixin, Chuanhuan Technology, Zhongding, Xiangxin Technology, Sulian Technology, and Pengling [8]. Liquid Cooling Technology as the Mainstream Cooling Solution - The average power density of server cabinets is expected to exceed 25 kW by 2025, making traditional air cooling inadequate [24]. - Liquid cooling can achieve a PUE of less than 1.25, aligning with policy directives for energy efficiency [6][19]. Market Size and Growth Projections - The global data center market is projected to reach $128.9 billion by 2025, with a CAGR of 13% from 2019 to 2025 [13]. - The penetration rate of liquid cooling systems in data centers is expected to grow to 30% by 2027 [41]. Key Components and Their Evolution - The evolution of liquid cooling components, particularly the liquid cooling plates and UQDs, is driven by the increasing power requirements of GPUs, with significant upgrades expected in the next generation of GPUs [46][48]. - The design of CDU is also evolving to enhance heat exchange efficiency and prevent leaks, which are critical for the industry's advancement [61][66].

Group 1 - The core point of the article is that Xiangxin Technology has completed a strategic investment in Beijing Zhihong Precision Transmission Technology Co., Ltd., a company specializing in high-precision reducers for robots, through its investment fund Guangzhou Vision [1] - The investment round includes notable industry players such as BYD, Midea, Financial Street Capital, Suzhou Guofa Venture Capital, and Guangxi Guotou, indicating strong interest and confidence in the robotics sector [1] - Zhihong Technology has entered the IPO process, having completed the listing guidance filing with the Beijing Securities Regulatory Bureau on January 14, 2026, which marks a significant milestone for the company [1] Group 2 - Zhihong Technology's high-precision reducers and transmission solutions have become core suppliers for well-known companies such as KUKA, Estun, Efort, Huichuan Technology, and Siasun Robot, highlighting its competitive position in the market [1]

Core Viewpoint - The company has approved a circular loan of up to 73.5 million yuan to its joint venture, Bentler Xiangxin, which has been ratified by an extraordinary shareholders' meeting [1] Group 1 - The loan agreement stipulates a maximum amount of 73.5 million yuan, intended for working capital, with a term of one year and an annual interest rate of 3%, with an option to extend for another year [1] - As of the announcement date, the company and its subsidiaries have provided a total of 30.38 million yuan in financial assistance, which represents 0.72% of the audited net assets for the fiscal year 2024, with no overdue amounts [1]

国金证券股份有限公司 关于祥鑫科技股份有限公司 2025 年度持续督导培训情况的报告 深圳证券交易所： 根据《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》的相 关规定，保荐机构于 2025 年 12 月 30 日对祥鑫科技股份有限公司（以下简称"祥 鑫科技"或"公司"）到场的公司控股股东和实际控制人、董事、高级管理人员、 部分中层以上管理人员等相关人员进行了专门培训，未到场的人员通过腾讯会议 线上参加培训，并对未到场的相关人员派发了相关培训资料，本次培训的具体情 况如下： 一、本次持续督导培训的基本情况 二、培训内容 培训时间：2025 年 12 月 30 日 培训地点：祥鑫科技会议室 培训方式：线下现场授课+线上腾讯会议 培训人员：国金证券保荐代表人戴光辉 培训对象：公司控股股东和实际控制人、董事、高级管理人员、部分中层以 上管理人员等相关人员 （以下无正文） （此页无正文，为《国金证券股份有限公司关于祥鑫科技股份有限公司 2025 年 度持续督导培训情况的报告》之签章页） 保荐代表人： 赵简明 戴光辉 本次主要培训内容如下： 本次培训结合《上市公司治理准则》《上市公司募集资金监管规则》《深 ...

国金证券股份有限公司 关于祥鑫科技股份有限公司 2025 年度持续督导定期现场检查报告 1 | （二）内部控制 | | | --- | --- | | 现场检查手段： | | | （1）查阅公司内部控制制度； | | | （2）查阅内部审计资料，包括内部审计制度、内部审计报告等； | | | （3）查阅审计委员会资料； | | | （4）对公司相关人员进行访谈； | | | （5）查阅对外投资管理制度以及投资决策相关的"三会"文件等。 | | | 1.是否按照相关规定建立内部审计制度并设立内部审计部门 √ | | | （如适用） | | | 2.是否在股票上市后 6 个月内建立内部审计制度并设立内 | √ | | 部审计部门（如适用） | | | 3.内部审计部门和审计委员会的人员构成是否合规（如适 √ | | | 用） | | | 4.审计委员会是否至少每季度召开一次会议，审议内部审 √ | | | 计部门提交的工作计划和报告等（如适用） | | | 5.审计委员会是否至少每季度向董事会报告一次内部审计 √ | | | 工作进度、质量及发现的重大问题等（如适用） | | | 6.内部审计部门是否至少每季度向 ...

证券代码：002965 证券简称：祥鑫科技 公告编号：2026-002 二、财务资助进展情况 近日，公司与本特勒祥鑫签署了《贷款协议》，约定公司向本特勒祥鑫提供循环贷 款累计不超过人民币 7,350 万元（贷款将根据本特勒祥鑫的实际经营需要逐笔提供，贷 款发放日届满前可循环滚动使用），用作本特勒祥鑫的营运资金，贷款期限为自每笔贷 款实际收到之日起 1 年（经借款人书面申请、贷款人书面同意，贷款到期日可延长一年）， 年利率为 3.00%。 三、累计提供财务资助金额及逾期金额 祥鑫科技股份有限公司 关于向联营企业提供财务资助的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 一、财务资助事项概述 祥鑫科技股份有限公司（以下简称"公司"）于 2025 年 12 月 03 日召开第四届董 事会第四十次会议和第四届监事会第四十次会议，审议通过了《关于向联营企业提供财 务资助暨关联交易的议案》，同意公司向联营企业东莞市本特勒祥鑫汽车系统有限公司 （以下简称"本特勒祥鑫"）提供循环贷款累计不超过人民币 7,350 万元，用作本特勒 祥 鑫 的 营 运 资 金 。 具 ...

Group 1 - The company held its fourth board meeting on December 3, 2025, where it approved a proposal to change its registered capital and amend the Articles of Association, which was later ratified by the shareholders on December 22, 2025 [1][2] - The registered capital was changed from RMB 204,138,738 to RMB 265,385,359, and the legal representative was changed from Chen Rong to Xie Xiangwa [2] - The company has completed the registration and filing procedures for the changes and obtained a new business license from the Dongguan Market Supervision Administration [2] Group 2 - The company announced the election of Xie Xiangwa as the chairperson of the fifth board of directors during the first meeting on December 22, 2025, making her the legal representative [2] - The new business license includes the company's unified social credit code: 9144190076291807XU, and it operates in various sectors including automotive parts and general machinery [2]

证券代码：002965 证券简称：祥鑫科技 公告编号：2026-001 祥鑫科技股份有限公司 公司于 2025 年 12 月 22 日召开第五届董事会第一次会议，审议通过了《关于选举 第五届董事会董事长的议案》，公司第五届董事会成员一致推选谢祥娃女士为公司第五 届董事会董事长。根据《公司章程》相关规定，董事长为公司的法定代表人，公司将变 更法定代表人为谢祥娃女士。具体内容详见公司于 2025 年 12 月 23 日在巨潮资讯网 （www.cninfo.com.cn）披露的《关于完成董事会换届选举和聘任高级管理人员等相关 人员的公告》（公告编号：2025-072）。 近日，公司已完成上述事项的变更登记及备案手续，并取得了由东莞市市场监督管 理局核发的新《营业执照》，具体信息如下： 一、本次营业执照变更内容 变更前注册资本：人民币贰亿零肆佰壹拾叁万捌仟柒佰叁拾捌元 变更前法定代表人：陈荣 变更后注册资本：人民币贰亿陆仟伍佰叁拾捌万零叁佰伍拾玖元 变更后法定代表人：谢祥娃 二、本次变更后取得营业执照的基本信息 统一社会信用代码：9144190076291807XU 名称：祥鑫科技股份有限公司 注册资本：人民币贰亿陆 ...

Group 1 - The 2026 International Consumer Electronics Show (CES 2026) in Las Vegas showcases advancements in humanoid robots from companies like Boston Dynamics and UTree Technology, with major tech firms launching next-generation humanoid robots [1] - Qualcomm introduced a next-generation robotics architecture that integrates hardware, software, and composite AI, along with a new high-performance robotics processor aimed at industrial AMRs and full-sized humanoid robots [1] - Hyundai Motor Group's Boston Dynamics presented a mass-production version of the Atlas humanoid robot, with plans to integrate it into a global network for real-world tasks starting in 2028 [1] Group 2 - Domestic companies are accelerating their entry into the humanoid robot sector through mergers, fundraising, and strategic collaborations, covering the entire industry chain from core components to applications [2] - By 2025, several humanoid robot manufacturers, including UTree Technology and UBTECH, are expected to achieve mass production, with more companies expanding capacity in 2026 [2] - Tesla is projected to produce between 50,000 to 100,000 humanoid robots in 2026, marking the industry’s transition into a phase of mass production and commercial exploration [2] Group 3 - The humanoid robot market is expected to reach $5 trillion by 2050, with a deployment of 1 billion units, indicating significant market potential that attracts automotive companies [3] - There are 31 humanoid robot concept stocks predicted to have a net profit growth rate exceeding 20% in 2026 and 2027, according to consensus from five or more institutions [3] - Stocks with over 30% upside potential include Zhiwei Intelligent, Softcom Power, Zhenyu Technology, Leisai Intelligent, and Xiangxin Technology, with Zhiwei Intelligent having the highest upside at 43.6% [3] Group 4 - As of January 6, five stocks have a rolling P/E ratio below 40, including Huqin Technology, Jihong Co., Tuobang Co., Dechang Co., and Jiechang Drive [4] - Huqin Technology has the lowest rolling P/E ratio at 24.25, with expectations of continued revenue growth in data business and optimization of product structure [4]

Group 1 - Humanoid robots are emerging as a highly promising frontier in technology, attracting attention from global tech giants and investors [1] - The 2026 CES will showcase a significant number of humanoid robots, with companies like Boston Dynamics and others presenting their latest advancements [2] - The CEO of Creative Strategies highlighted that the CES will feature a surge in humanoid robots, particularly from China, indicating a robust ecosystem [2] Group 2 - Hyundai Motor Group announced that Boston Dynamics will showcase a mass-produced version of the Atlas humanoid robot at CES 2026, aiming to integrate it into their global network for practical tasks [3] - The humanoid robot industry is entering a mass production phase, with several companies expected to achieve production milestones by 2025 and 2026 [4] - Tesla is projected to produce between 50,000 to 100,000 humanoid robots by 2026, marking the industry’s transition into a phase of mass production and commercial exploration [4] Group 3 - A significant number of A-share market stocks are positioned within the humanoid robot industry, with 31 stocks expected to see net profit growth exceeding 20% in 2026 and 2027 [5] - Stocks such as Zhimi Intelligent and Softcom Power are identified as having substantial upside potential, with predicted price increases exceeding 30% [5] - Zhimi Intelligent leads with a projected upside of 46.17%, focusing on embodied intelligence and various robotic applications [5][6] Group 4 - The rolling P/E ratio for Huqin Technology is noted to be the lowest at 24.3 times, with expectations of continued revenue growth in AI and server sectors [6] - The report indicates that the humanoid robot market is expected to reach a size of $5 trillion by 2050, with a deployment of 1 billion units, suggesting a significant market opportunity [4]